An estate agent says this trick can save you £500 a week when renting a luxury London property

Living in a property with a contemporary design rather than one with period trimmings could save renters over £500 ($735) a week in high-end London areas, according to estate agent Kay & Co.

Such a saving could allow a family to live in even posh addresses such as the Hyde Park district.

The average rent on a five-bedroom house in this area is £1,950 a week, but Kay & Co has one contemporary seven-bedroom house on the market for just £1,475 a week.

The house - which looks a lot more modern than most in the area - was built in the 1950s and is located in the normally pricey Cambridge Square, W2.

While such a contemporary design may not be to everyone's taste, modern houses tend to include lower energy bills and better security solutions.

Another benefit of contemporary homes is that they are a lot larger on the inside than they look. The property has over 3,444 sq ft of accommodation - including three reception rooms over three separate floors. The house boasts four bedrooms alone on its second floor, as well as a shower and bathroom.

Property renters look set for a tough 2016. With the increase in buy-to-let stamp duty - a tax placed on home-owners when they buy another property - landlords have said they will simply increase rent to make up the difference.

However, with luxury property prices in London stalling in 2016 maybe now is a good time to trade up and find a Hyde Park address like the above to rent.